Which statement is CORRECT?

a. If the value of the combined firm is greater than the sum value of the individual firms, then this is called hubris.

b. A joint venture is when two or more firms create a new company and own all of the stock in that company.

c. Synergy occurs when one partys gain (such as shareholders) comes at the expense of someone elses loss (such as bondholders)

d. Vertical mergers are between competing firms